Understanding income is the starting point for each recovery agent to make a determination on what the repayment figure should be. It is then crucially important, and forms the basis of a monthly affordability figure, an accurate view on how much a customer can afford to spend on repayment costs. All the data available is categorised in line with the Standard Financial Statement, the universal income and expenditure statement in the UK, so all debt management services can utilise the tool.
Complete factual view of your customers bank data.
Long gone are the days of examining physical documents.
All the data you require to make a decision available in one simple dashboard.
Improve your customer experience by streamlining your collections process.
Remove the reliance on customers providing you with false or inaccurate information.
Calculate Affordability and Income Verification to determine repayment costs.
A solutions provider to UK local authorities partnered with DirectID to streamline the collections process for local councils. The current process, built upon paper documentation and phone calls, was neither efficient nor pleasant for any party involved.
By partnering with DirectID, local authorities were able to remove the friction within this process and found that using bank data was infinitely more efficient in assessing a debtor's affordability. As the DirectID Collections & Recoveries solution aligns with the SFS categories, local authorities can continue to assess repayment potential based on the universal income and expenditure statement.
Let our specialist team demonstrate our DirectID platform. We'll cover everything from Compliance and Insights to Solutions & Use Cases.